Condo Management Companies in Orange County CA
Condo management companies are often overlooked by those needing help managing rental property. However, renting a condo out is a whole new ball game in comparison to a house rental. In fact, there is often more work required for a condo and having the support from a qualified and knowledgeable property management firm can make all the difference.
So, what exactly is condo management?
Condo management in Orange County CA refers to managing a rental property or in this case a condominium complex by performing duties on behalf of all the owners in the complex. This can include collecting fees, enforcing specific rules and bylaws given by the homeowners association and managing the common areas such as parking lots and lobby.
House rental vs. Condominium rental
A house rental is very different from Condominium a rental service which is why you can often find that Orange County has many independent condo management companies as they do not have the capacity, and expertise to take on both variations. Property management for rentals of all kinds can provide you with an example of what service is received for both. So what is the difference between renting a house and condo?
Many potential renters often find the point of ownership is the most confusing aspect when speaking to condo management companies. Whereas with a house rental you will have one landlord who owns the property that you pay monthly rental payments to, the condominium unit, made up of a number of different apartments, will be owned by one person and the entire complex, comprised collectively as a homeowner’s association. This means that not only as a renter will you have the landlord to pay for the unit you are renting, but also the homeowner’s association for any extra fees within the complex.
The price of a house and a condo rental are usually very similar, however with a condo, there are many benefits you receive as part of your monthly rental payment. Some utilities are often included in condo that you do not get as part of a house rental. However, the downside is that the initial HOA (Home Owners Association) fees you have to cough up to the company running the property management for rentals in the complex is higher. This is due to general maintenance of elevators and administrative tasks completed by the homeowners association.
One huge difference, and major benefit, of renting out a condo is the extra amenities such as a luxurious lobby, concierge, swimming pool, green areas etc. With a house, you are generally renting the area inside and potentially a garden or pool inclusive within that.
Differences with insurance for Condo owners
As condos are run by a homeowners association, the insurance is slightly different to the usual house rental insurance as the entire complex is governed by a set of bylaws predetermined by the collective of homeowners. It can be written in your policy, which is always recommended, to have protection from any assessments levied against you by the condo association. This is absolutely essential when managing rental property that you ensure this is covered. In general, the entire association is responsible for maintaining standards of the complex including all shared amenities. Each owner is responsible for insuring their own unit and any upgrades it may need. If a homeowner cannot provide the upkeep necessary or pay the maintenance fees required for the complex, a comprehensive insurance policy will cover them.
This is particularly important when renting a condo out, as you need to be assured that the tenants can continually cover the cost and chase up on any late arrears. Having effective condo management companies controlling this aspect is the support you really need here to ensure you are not liable. Working with an experienced property management for rentals will protect the Landlord as they will make sure the tenant has renters insurance policy to cover costs, in the event that they cannot afford to.
Importance of Property Management for Rentals
As you can see, houses and condos rentals require a lot of work that does not just end when the tenant has moved in. Do not let all these differences put you off renting your dream condo unit. Going through condo management companies in Orange County is not just beneficial to the landlord but also works in favor of the tenant. Working with experienced property management for rentals gives you peace of mind in knowing that you are following the correct legislation within the state, and all concerns, fixtures etc. can be taken care of within an instance.
Goodman Management Team is an experienced hands-on property management company in Orange County. They have created a great reputation for being involved, informed and always cost-effective. They work to keep renters happy, whether that is supporting them with the advice on the cheapest renters insurance of value, having repairs fixed quickly or being available at all times. Property owners, whether a condo or a house, are usually busy with their own careers, families etc. So knowing that their property management company can help them in renting a property faster, gain quality tenants, ensure the property is maintained and that repairs are as low-cost as possible that takes the pressure off immensely. In fact, Goodman Management Team is so dedicated to making your investment as lucrative as possible that if one of their team members can do the repair, many have qualifications and backgrounds in engineering and handy man type work, they will! This has saved previous clients up to half of what an external company quotes.
To find out more about why Goodman Management Team is one of the best condo management companies in Orange County and how they can help in the running of your property, contact Goodman Management Team.